健合集团上半年营收86.96亿元 Swisse斯维诗中国市场同比增长20.5%

亿邦动力 2026-08-25 18:51

亿邦动力 2026/08/25 18:51

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这是健合集团2026年上半年中期业绩的核心干货，整理了核心财务数据和各业务增长情况如下：

1. 核心财务数据：上半年集团总营收86.96亿元，同比增长23.7%，经调整可比纯利同比增长153.2%至9.22亿元。中国市场营收占总营收的74.3%，同比增长30.9%，是核心增长引擎。集团财务状况明显优化，债务总额较去年底下降超10亿元，净杠杆比率降至2.05倍，现金储备近20亿元，宣布每股派中期股息0.82港元。

2. 各核心业务增长表现：成人营养的Swisse斯维诗中国增长20.5%，稳居线上VHMS市场第一；婴幼儿营养的合生元超高端奶粉份额升至20.6%，销售额增长58%远胜行业平均；宠物营养板块Zesty Paws北美增长16.7%，高端品牌素力高占中国宠物营收近一半。

这份半年报给营养健康领域品牌商提供了多品牌布局、市场运营的参考干货，核心内容如下：

1. 当下消费趋势：营养健康赛道消费升级趋势明确，超高端产品、细分品类增长潜力大，Swisse超高端线增长18.6%，儿童线Little Swisse增长60.2%，合生元超高端婴幼儿奶粉份额从14.8%升至20.6%，远好于行业整体表现，高端化是明确的增长方向。

2. 市场布局经验：核心深耕中国市场，同时稳定成熟海外市场、拓展新兴市场，中国市场贡献超七成营收，新兴市场ANC业务整体增长32.6%，澳洲本土稳居市场第一，这种布局可以分散单一市场风险。

3. 财务策略参考：持续去杠杆优化财务结构，维持稳健盈利和稳定派息，可以增强市场和投资者信心，适合头部品牌参考。

这份财报给营养健康品类的卖家提供了市场机会、风险提示等干货，核心内容如下：

1. 明确的增长机会：当前国内营养健康赛道的高端化、细分化机会突出，超高端成人营养、儿童营养、超高端婴幼儿配方奶粉都保持高速增长，即使整体婴幼儿奶粉行业下跌3.5%，超高端仍能实现58%的增长，高端宠物营养也有稳定增长空间。

2. 市场拓展机会：除中国本土市场外，泰国、中东、印度、印尼等新兴市场成人营养整体增长32.6%，有较大的拓展空间；北美成熟市场的宠物营养仍有增长空间，头部品牌仍能实现16.7%的增长，卖家可以针对性布局。

3. 风险提示：大众婴幼儿配方奶粉赛道国内整体处于下跌趋势，建议避开低端同质化赛道，优先布局高端、细分品类，降低经营风险。

这份财报给营养健康领域的生产工厂提供了产品需求、商业机会和发展启示，核心内容如下：

1. 产品生产需求方向：当前市场对超高端成人营养、儿童营养、超高端婴幼儿配方奶粉、高端宠物营养的需求持续高增长，其中儿童营养品牌Little Swisse增长60.2%，合生元超高端奶粉份额提升近6个百分点，相关品类的订单需求会持续上涨，工厂可针对性调整产能布局。

2. 发展启示与商业机会：头部营养品牌多采用多品牌、多市场、全渠道布局，头部品牌在细分赛道已经形成稳定优势，持续的增长带来了更多生产合作需求。工厂可以提升柔性生产能力，适配不同品牌的细分高端产品需求，匹配不同市场的合规要求，抓住高端化带来的增长红利，拓展更多合作机会。

这份财报反映了营养健康行业的发展趋势和品牌方需求，给服务商提供了相关干货参考，核心内容如下：

1. 行业发展趋势：当前营养健康行业整体向高端化、细分化发展，超高端线、细分儿童线、宠物营养线都保持高速增长，中国市场是核心增长市场，贡献了行业头部集团超七成的营收，整个赛道仍然有较大的增长空间。

2. 品牌方核心痛点：当前头部品牌都在优化财务结构，控制负债，追求稳健盈利，健合上半年就降低负债超10亿元，推进去杠杆化，品牌方对成本管控的需求提升，服务商需要匹配品牌方的成本管控需求。

3. 业务机会：品牌正在加速拓展东南亚、中东、印度等新兴市场，同时布局线上线下全渠道，服务商可以针对性推出跨境合规、多渠道运营、新兴市场拓展相关的解决方案，抓住行业增长带来的服务增量。

这份财报给营养健康领域的平台商提供了招商、运营和风险规避的相关干货，核心内容如下：

1. 招商方向参考：高端化、细分化的营养健康品牌增长性更强，Swisse儿童营养增长超过60%，合生元超高端奶粉份额提升近6个百分点，高端宠物品牌增长稳定，平台可以针对性引入这类细分高端品牌，获取平台营收增量。

2. 运营服务方向：头部营养品牌已经在国内线上拿到头部位置，当前正在加速拓展线下门店和新兴海外市场，平台可以针对头部品牌的需求，推出出海赋能、线下流量对接等相关服务，满足品牌多市场多渠道扩张的需求。

3. 风险规避参考：普通大众婴幼儿配方奶粉赛道国内整体呈现下跌趋势，平台在引入相关品类品牌时，需要侧重引入超高端线，避开同质化低端品牌，降低平台运营风险。

这份健合集团半年报反映了全球营养健康产业的最新动向，给产业研究提供了鲜活的案例和数据支撑，核心内容如下：

1. 产业发展新动向：当前全球营养健康产业呈现高端化、细分化的发展趋势，传统大众婴幼儿配方奶粉整体市场下滑，但超高端细分赛道依然保持超过50%的高速增长，儿童营养、高端宠物营养也保持远高于行业平均的增速，多品牌多市场布局已经成为头部营养集团的主流商业模式。

2. 头部企业战略新变化：当前头部营养健康企业正在转向稳健发展战略，优先优化财务结构、持续去杠杆、降低负债，而非盲目扩张，健合上半年负债下降超10亿元，净杠杆从3.45倍降至2.05倍，派息占经调整纯利的50%，反映出企业对盈利稳定性的重视程度提升。

3. 市场格局新变化：中国市场已经成为全球头部营养健康企业的核心增长引擎，贡献了集团超七成的总营收，头部品牌已经在核心细分赛道形成了稳定的头部优势。

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Quick Summary

This article summarizes the key takeaways from Health and Happiness Group (HHG)’s first-half 2026 financial results, including core financial data and growth across its business lines:

1. Core financials: HHG posted total revenue of RMB 8.696 billion in the first half, up 23.7% year-over-year. Adjusted comparable net profit jumped 153.2% YoY to RMB 922 million. The Chinese market, which accounts for 74.3% of total revenue and grew 30.9% YoY, serves as the group’s core growth engine. HHG has significantly strengthened its balance sheet: total debt fell by more than RMB 1 billion from the end of 2025, its net leverage ratio dropped to 2.05x, and it holds nearly RMB 2 billion in cash reserves. The group also declared an interim dividend of HK$0.82 per share.

2. Growth by core business: Swisse, HHG’s adult nutrition brand, grew 20.5% in China and retains the top position in the country’s online VHMS market. Biostime, its infant nutrition line, saw its market share in ultra-premium infant formula rise to 20.6%, with sales surging 58%—far outpacing the industry average. In pet nutrition, Zesty Paws grew 16.7% in North America, while premium brand Solid Gold accounts for nearly half of HHG’s Chinese pet nutrition revenue.

This HHG half-year report offers actionable insights for nutrition and health brands on multi-brand portfolio strategy and market operations, with key takeaways below:

1. Current consumer trends: The nutrition and health sector is clearly experiencing consumption upgrading, with strong growth potential for ultra-premium products and niche categories. Swisse’s ultra-premium line grew 18.6%, its children’s line Little Swisse grew 60.2%, and Biostime’s ultra-premium infant formula market share climbed from 14.8% to 20.6%, all vastly outperforming the broader industry. Premiumization is a clear path to growth.

2. Market expansion insights: HHG’s strategy focuses on deepening its presence in China, maintaining stability in mature overseas markets, and expanding into emerging markets. China contributes over 70% of total revenue, while ANC (adult nutrition and consumer goods) business in emerging markets grew 32.6% overall, and HHG retains the top market position in Australia. This geographic mix helps mitigate risk from over-reliance on a single market.

3. Financial strategy takeaways: Sustained deleveraging to optimize balance sheet structure, paired with steady profitability and consistent dividend payouts, boosts confidence from the market and investors. This approach is a useful reference for leading industry brands.

This HHG report outlines key market opportunities and risk warnings for sellers in the nutrition and health category, with core insights below:

1. Clear growth opportunities: Premiumization and market segmentation have created standout growth opportunities in China’s nutrition and health sector. Ultra-premium adult nutrition, children’s nutrition, and ultra-premium infant formula are all growing at a rapid clip—even as the overall infant formula market contracted 3.5%, the ultra-premium segment still delivered 58% growth. Premium pet nutrition also offers steady room for growth.

2. Market expansion opportunities: Beyond China’s domestic market, emerging markets including Thailand, the Middle East, India, and Indonesia posted 32.6% overall growth in adult nutrition, offering significant room for expansion. In the mature North American market, pet nutrition still has headroom for growth, with leading brands posting 16.7% growth. Sellers can tailor their expansion strategies to these opportunities.

3. Risk warning: The mass-market infant formula segment is in a broad domestic decline. Sellers are advised to avoid low-end, homogeneous product lines and prioritize positioning in premium and niche categories to reduce operational risk.

This HHG report reveals product demand trends, business opportunities and key takeaways for manufacturing factories in the nutrition and health sector, with core insights below:

1. Product demand direction: The market is seeing sustained high growth in demand for ultra-premium adult nutrition, children’s nutrition, ultra-premium infant formula, and premium pet nutrition. Children’s nutrition brand Little Swisse grew 60.2%, and Biostime’s ultra-premium infant formula gained nearly 6 percentage points in market share. Order volumes for these categories will continue to rise, so factories can adjust their production capacity layout accordingly.

2. Development insights and business opportunities: Leading nutrition brands generally adopt a multi-brand, multi-market, omnichannel layout, and have built stable competitive advantages in niche segments. Their sustained growth has generated increased demand for manufacturing partnerships. Factories can improve flexible production capabilities to meet the needs of different brands’ niche premium products, comply with regulatory requirements across different markets, capture growth opportunities from the industry’s premiumization trend, and expand more cooperative partnerships.

This HHG report reflects current industry trends and brand needs in the nutrition and health space, offering key takeaways for industry service providers as follows:

1. Industry trends: The nutrition and health sector as a whole is moving toward premiumization and segmentation, with ultra-premium lines, niche children’s lines, and pet nutrition lines all growing rapidly. The Chinese market is the core growth market for leading industry groups, contributing over 70% of their revenue, and the broader sector still has considerable room for expansion.

2. Core brand pain points: Leading brands are currently optimizing their balance sheets, reducing debt, and prioritizing steady profitability. HHG cut its total debt by more than RMB 1 billion in the first half as part of its deleveraging push, meaning brands have an increased focus on cost control. Service providers need to align with brands’ cost management requirements.

3. Business opportunities: Brands are accelerating expansion into emerging markets including Southeast Asia, the Middle East, and India, while building out omnichannel (online and offline) operations. Service providers can develop tailored solutions for cross-border compliance, multi-channel operations, and emerging market expansion to capture incremental service demand driven by industry growth.

This HHG report offers key insights for e-commerce platforms in the nutrition and health sector on merchant recruitment, operations, and risk mitigation, as follows:

1. Sourcing guidance: Premium, niche nutrition and health brands deliver stronger growth performance. Swisse’s children’s nutrition line grew more than 60%, Biostime’s ultra-premium infant formula gained nearly 6 percentage points in market share, and premium pet brands deliver steady growth. Platforms can prioritize onboarding these niche premium brands to drive incremental revenue growth.

2. Operations and service direction: Leading nutrition brands have already secured top positions in China’s online market, and are now accelerating expansion into offline retail and emerging overseas markets. Platforms can develop tailored services such as global expansion enablement and offline traffic matching to meet leading brands’ demand for multi-market, multi-channel expansion.

3. Risk mitigation guidance: The mass-market infant formula segment is experiencing a broad domestic decline. When onboarding brands in this category, platforms should prioritize ultra-premium lines and avoid homogeneous low-end brands to reduce operational risk.

HHG’s half-year report captures the latest developments in the global nutrition and health industry, providing fresh case studies and data to support industry research, with core insights below:

1. New industry development trends: The global nutrition and health industry is trending toward premiumization and segmentation. While the overall traditional mass-market infant formula market is declining, the ultra-premium niche segment still maintains rapid growth of more than 50%. Children’s nutrition and premium pet nutrition also grow at rates far above the industry average, and a multi-brand, multi-market layout has become the mainstream business model for leading nutrition groups.

2. New strategic shifts among leading players: Leading nutrition and health companies are shifting toward a more stable development strategy, prioritizing balance sheet optimization, sustained deleveraging, and debt reduction over blind expansion. HHG cut its total debt by more than RMB 1 billion in the first half, reducing its net leverage ratio from 3.45x to 2.05x, and distributes 50% of adjusted net profit as dividends. This shift reflects the growing emphasis companies place on earnings stability.

3. New changes in market landscape: The Chinese market has become the core growth engine for global leading nutrition and health companies, contributing more than 70% of total revenue for HHG. Leading brands have already built stable, top-tier competitive advantages in core niche segments.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

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【亿邦原创】8月25日，健合（H&H）国际控股有限公司（1112.HK）公布2026年中期业绩。截至6月30日止六个月，集团营收达86.96亿元，同比增长23.7%；经调整可比EBITDA同比增长71.9%至18.96亿元，经调整可比纯利同比增长153.2%至9.22亿元。中国市场营收同比增长30.9%，占集团总收入74.3%。

财报显示，成人营养及护理用品业务（ANC）上半年营收39.73亿元，同比增长13.9%。Swisse斯维诗中国市场同比增长20.5%，其中超高端品牌Swisse PLUS增长18.6%，儿童营养品牌Little Swisse增长60.2%。据Early Data统计，Swisse斯维诗稳居中国内地线上VHMS市场第一。

在澳洲本土市场，Swisse同比增长12.2%，稳居整体VHMS市场第一。在泰国、中东、印度、印尼及马来西亚等扩张市场，ANC业务整体增长32.6%。

婴幼儿营养及护理用品业务（BNC）上半年营收36.33亿元，同比增长45.2%。其中中国内地婴幼儿配方奶粉销售额同比增长58.0%，远超行业3.5%的平均跌幅。合生元在中国内地超高端婴幼儿配方奶粉市场份额从14.8%升至20.6%，创历史新高。

宠物营养及护理用品业务（PNC）上半年营收10.90亿元，同比增长4.8%。Zesty Paws快乐一爪在北美同比增长16.7%，已覆盖全美超23,000家门店。Solid Gold素力高在中国市场高端宠物食品及营养品占PNC中国营收46.5%。

截至6月30日，集团债务总额较2025年底下降超10亿元，净杠杆比率由3.45倍降至2.05倍，现金储备近20亿元。集团宣布中期股息每股0.82港元，占经调整可比纯利50%。

健合集团首席执行官Akash Bedi表示，下半年将持续去杠杆化，推动营养补充品及婴幼儿配方奶粉增长，维持稳健盈利水平。

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文章来源：亿邦动力

FAQ回顾

健合集团2026年上半年经营情况怎么样？

截至2026年6月30日，健合集团上半年营收达86.96亿元，同比增长23.7%；经调整可比纯利同比增长153.2%至9.22亿元，中国市场营收同比增长30.9%，占集团总收入74.3%，债务总额较2025年底下降超10亿元。

Swisse斯维诗2026年上半年市场表现如何？

2026年上半年Swisse斯维诗中国市场同比增长20.5%，其中超高端品牌Swisse PLUS增长18.6%，儿童营养品牌Little Swisse增长60.2%，稳居中国内地线上VHMS市场第一。

健合集团婴幼儿配方奶粉业务2026年表现如何？

2026年上半年健合集团中国内地婴幼儿配方奶粉销售额同比增长58.0%，远超行业3.5%的平均跌幅，合生元超高端婴幼儿配方奶粉市场份额升至20.6%，创历史新高。

健合集团2026年上半年宠物营养业务表现怎么样？

2026年上半年健合集团宠物营养及护理用品业务营收10.90亿元，同比增长4.8%；Zesty Paws快乐一爪在北美同比增长16.7%，覆盖全美超23000家门店。